If the short sale lender is competitive with the rate and terms of the loan, it would be a good way to good since the lender will sometimes waive the appraisal fee and have lower cost in closing and in most cases can close in a shorter time frame.... more
If you trust your agent enough to be able to give you all of the facts about the property then you can do it right. I suggest that you make arrangements to go and see the property at the time of the Home Inspection within the first days of the contract. I just closed a transaction where I have been taking pictures of homes and sending them to my client, he came out at the time of the Home Inspection to make sure it was acceptable . Remember being there in person is worth the money you spend for a plane flight to view the property.... more
You can be 1 hour old and own property. One thing to note is you can't sell it if you are under 18 years of age because you have to be at least 18 years old to enter into a contract or legal agreement.... more
This is a legal question involving analys of the detail on US First Time Homebuyer Tax Credit Law. For answer to this and other hypothetical questions, I recommend that you contact the IRS directly ... or see their web site at www.IRS.gov. Follow links there to Q and A on first time homebuyer tax credit.
If you already bought this property and closed escrow, consult with your attorney or CPA on whether either one of you can get any part of the first time homebuyer tax credit.
With friends and associates who are highly qualified real estate lawyers here in Orange County, I will provide you with information about them if you let me know about you by email contact or telephone call.
I am a real estate broker ... and also a lawyer for many years here in Orange County. My business is real estate and no longer do lawyering for individual clients.
Harrison K. Long, Coldwell Banker Previews, Irvine, CA.